Physics of fashion fluctuations

R. Donangelo, A. Hansen, K. Sneppen and S.R. Souza

Physica A: Statistical Mechanics and its Applications, 2000, vol. 287, issue 3, 539-545

Abstract: We consider a market where many agents trade different types of products with each other. We model development of collective modes in this market, and quantify these by fluctuations that scale with time with a Hurst exponent of about 0.7. We demonstrate that individual products in the model occasionally become globally accepted means of exchange, and simultaneously become very actively traded. Thus collective features similar to money spontaneously emerge, without any a priori reason.

Keywords: Market models; Fluctuations; Volatility clustering (search for similar items in EconPapers)
Date: 2000
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Persistent link: https://EconPapers.repec.org/RePEc:eee:phsmap:v:287:y:2000:i:3:p:539-545

DOI: 10.1016/S0378-4371(00)00391-5

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